Following the Reserve Bank of Australia’s announcement of a rate hold for July 2023, Bendigo Bank and Great Southern Bank still raised their variable rates.
Keep in mind this is for new lending - existing customers may see different rates.
This is also not a new phenomenon - from August 2016 through May 2019 the cash rate sat at 1.50%, while the average outstanding variable mortgage rate for owner occupiers increased 22 basis points.
Bendigo Bank
Bendigo Bank made increases of as much as 15bps in its variable rates under the Complete Home Loan product.
Bendigo Bank variable rate increases - 11 July
|
Home Loan Product |
Change |
Advertised Rate |
Comparison Rate |
|
Complete Home Loan Variable IO <90% |
+10bps |
8.29% p.a. |
*Comparison rate is not available yet |
|
Complete Home Loan Variable IO <95% |
+15bps |
8.54% p.a. |
*Comparison rate is not available yet |
|
Investment Complete Home Loan Variable IO <95% |
+15bps |
8.54% p.a. |
*Comparison rate is not available yet |
|
Investment Complete Home Loan Variable P&I <90% |
+10bps |
7.74% p.a. |
7.96% p.a. |
|
Investment Complete Home Loan Variable P&I <95% |
+15bps |
7.99% p.a. |
*Comparison rate is not available yet |
Great Southern Bank
On top of its fixed rate increases, Great Southern Bank also rolled out increases in its basic variable rates. Below are some of the changes:
Great Southern Bank variable rate increases - 11 July
|
Home Loan Product |
Change |
Advertised Rate |
Comparison Rate |
|
Basic Variable P&I 70-80% |
+15bps |
6.04% p.a. |
6.10% p.a. |
|
Offset Variable P&I 70-80% |
+15bps |
6.19% p.a. |
6.25% p.a. |
|
Basic Variable IO 70-80% |
+15bps |
6.79% p.a. |
6.31% p.a. |
|
Offset Variable IO 70-80% |
+15bps |
7.24% p.a. |
6.55% p.a. |
|
Investment Basic Variable P&I 70-80% |
+15bps |
6.39% p.a. |
6.25% p.a. |
|
Investment Basic Variable IO 70-80% |
+15bps |
6.74%p.a. |
6.52% p.a. |
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